Chapter 16 Accounting for Plant Assets and Depreciation

General Journal Page 1 Date Account Title P.R Debit Credit 20-- Adjusting Entries Dec 31 Depreciation Expense—name of asset 1,000.00 Accumulated Depreciation—name of asset 1,000.00 The depreciation expense is reported on the income statement and accumulated depreciation is reported as a deduction from plant assets on the balance sheet. ................
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